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Meaning of Market Segmentation, Marketing Management Video Lecture | Marketing Management - B Com
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FAQs on Meaning of Market Segmentation, Marketing Management Video Lecture - Marketing Management - B Com
| 1. What is market segmentation? |  |
Ans. Market segmentation is the process of dividing a larger market into smaller groups or segments based on similar characteristics, needs, or behaviors. It helps businesses to better understand their target audience and create more effective marketing strategies.
| 2. Why is market segmentation important in marketing management? | |
Ans. Market segmentation is crucial in marketing management because it allows businesses to tailor their marketing efforts to specific customer groups. By understanding the unique needs and preferences of different market segments, businesses can develop targeted marketing campaigns, optimize their product offerings, and allocate resources effectively.
| 3. What are the benefits of market segmentation? | |
Ans. Market segmentation offers several benefits to businesses. It enables them to identify and target the most profitable customer segments, increase customer satisfaction by offering personalized products and services, optimize marketing efforts to reach the right audience, and gain a competitive advantage by focusing on specific market niches.
| 4. What are the main bases for market segmentation? | |
Ans. Market segmentation can be based on various factors, including demographic (such as age, gender, income), geographic (such as location, climate), psychographic (such as lifestyle, values), and behavioral (such as buying patterns, product usage). These bases help businesses categorize customers into meaningful segments for targeted marketing.
| 5. How can businesses implement market segmentation effectively? | |
Ans. To implement market segmentation effectively, businesses should start by conducting thorough market research to understand their customer base. They should then identify key segments based on relevant criteria and develop marketing strategies tailored to each segment's needs. Regular evaluation and adjustment of segmentation strategies based on market feedback are also crucial for success.
Text Transcript from Video
hello Amy can I explain any marketing
concepts Mike what is market
segmentation
well Amy market segmentation is a
marketing strategy that involves
dividing a broad target market into
subsets of consumers businesses or
countries who have common needs and
priorities and then designing and
implementing strategies to target them
market segmentation strategies may be
used to identify the target customers
and provide supporting data for
positioning to achieve a marketing plan
objective Mike what is a criteria for
selecting a market segment good question
Amy a criteria for selecting a market
segment is based on firstly is the
segment large enough to achieve a profit
secondly can you measure the size of a
segment thirdly can the segment be
reached through the company's
distribution channels in promotional
activities lastly is the segment stable
and will not vanish over time Mike what
are the basis of market segmentation
well the basis of market segmentation
are based on the following marketers can
segment according to geographic criteria
nations States regions countries cities
neighborhoods or postal codes
segmentation according to demography is
based on variables such as age gender
occupation and education level
behavioral segmentation divides
consumers into groups according to their
knowledge of attitude towards usage rate
response loyalty status and readiness
stage to a product psychographic
segmentation which is sometimes called
lifestyle this is measured by studying
the activities interests and opinions a
iOS of customers segmentation can also
take place according to benefits sought
by the consumer cultural segmentation is
used to classify markets according to
cultural origin culture is a strong
dimension of consumer behavior and is
used to enhance custom
in sight and as a component of
predictive models lastly multivariable
account segmentation is used in
territory management using more than one
criterion to characterize the
organization's accounts such as
segmenting sales account by government
business customer account size in an
effort to increase time efficiency and
sales volume thanks Mike for explaining
market segmentation
concepts Mike what is market
segmentation
well Amy market segmentation is a
marketing strategy that involves
dividing a broad target market into
subsets of consumers businesses or
countries who have common needs and
priorities and then designing and
implementing strategies to target them
market segmentation strategies may be
used to identify the target customers
and provide supporting data for
positioning to achieve a marketing plan
objective Mike what is a criteria for
selecting a market segment good question
Amy a criteria for selecting a market
segment is based on firstly is the
segment large enough to achieve a profit
secondly can you measure the size of a
segment thirdly can the segment be
reached through the company's
distribution channels in promotional
activities lastly is the segment stable
and will not vanish over time Mike what
are the basis of market segmentation
well the basis of market segmentation
are based on the following marketers can
segment according to geographic criteria
nations States regions countries cities
neighborhoods or postal codes
segmentation according to demography is
based on variables such as age gender
occupation and education level
behavioral segmentation divides
consumers into groups according to their
knowledge of attitude towards usage rate
response loyalty status and readiness
stage to a product psychographic
segmentation which is sometimes called
lifestyle this is measured by studying
the activities interests and opinions a
iOS of customers segmentation can also
take place according to benefits sought
by the consumer cultural segmentation is
used to classify markets according to
cultural origin culture is a strong
dimension of consumer behavior and is
used to enhance custom
in sight and as a component of
predictive models lastly multivariable
account segmentation is used in
territory management using more than one
criterion to characterize the
organization's accounts such as
segmenting sales account by government
business customer account size in an
effort to increase time efficiency and
sales volume thanks Mike for explaining
market segmentation
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Nov 15, 2024 Last updated |
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